While Real Estate Regulation & development Act (RERA) has made mandatory to have a registration number for all the ongoing and upcoming projects, there are enormous confusions among builders.
Maharashtra RERA Regulator Gautam Chatterjee clarifies the matter with a statement in an interview with Magicbricks that all ongoing projects are free to do advertisement, marketing and selling till 31st July. However, builders have to apply for registration of their ongoing and upcoming projects during this period as after 31st july, all the unregistered projects would be prosecuted. The projects which have received their occupation and completion certificates do not need to be registered under RERA.
Also, the broker who is dealing with an ongoing or upcoming project also has to be registered under RERA. They will be given a broker registration number which should be displayed with the respective developer on the project and builder website. Almost 1 lakh agents transacting in primary markets either in first or second sale of units need to be registered with the authority and get listed on the builder and project website with the developers.
All professionals dealing with primary or secondary sales in under construction projects come under the purview of this new RERA.
Source: ET Realty